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<br />r <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />.L!lcllL \.AJ[J] U.J/Ul, <br /> <br />. <br />.;.. <br /> <br />_Er-. \-b' ~~ \" ..f\ t= ~e,. / '\ a \ <br />T c Q.~ \''\. \ f. -rt.ta.. <br />PURCHASE A( J.-:-u.~ <br />\ m.S ~u.~ ~~M..t:W1 ~&... ''1(, 't:f7 +'t~ <br />THIS PURCHASE AGREEMENT made this \"3 ~\ ;). I <br />by and. between ASSOCIATED DEVELOPERS OF THE TWINCITIES, INC-.-;-"-a--MinrieS.ota <br />corporation, its assigns ("Buyer") and EARL H. HOHLEN AND LORRAINE HOHLEN, <br />("Sellers") : <br /> <br />RE9ITALS: <br /> <br />A. Sellers are the fee owner of the parcel of land consisting of <br />approximately seventy-three (73) acres situated in the City of Elk River, <br />Sherburne County, Minnesota, legally described on the attached Exhibit A (the <br />"Land" ) . <br /> <br />B. Sellers wish to convey, and Buyer wishes to pur~hase the Land, <br />together with all rights, privileges, easements, and appurtenances belonging <br />thereto (hereinafter referred to as the "Property"). <br /> <br />__ NOW THEREFORE, in consideration of the premises and the mutual covenants <br />and conditions contained herein, the, parties agreeing to be legally bound <br />hereby, agree as follows: <br /> <br />1. Sale of Property. Sellers agree to sell to Buyer, and Buyer agrees <br />to purchase from Sellers approximately seventy-three (73) acres of Property <br />located in Elk River, Sherburne County, Minnesota, the legal description of <br />which is governed by a survey to be completed by a registered surveyor, <br />consistent with the legal description and map attached hereto as Exhi bi t <br />A and by which survey shall be incorporated herein together with all easements <br />and rights appurtenant thereto ("Property"). <br /> <br />2. Purchase Price. The purchase price to be paid by the Buyer to <br />the Sellers for the property described in Exhibit A shall include the <br />following: <br /> <br />(a) $1. 25 per square foot as defined in Section 5 of this Agreement; <br />and <br /> <br />(b) a one-half interest in the corporation described as the Associated <br />Developers of the Twin Cities, Inc., a Minnesota corporation, being <br />a party to this Agreement as the Burer, but which equity or share <br />of said corporation shall not be transferred or conveyed to the <br />Sellers until the execution of this Agreement by all parties. <br />It is the intention of the parties to provide the Sellers with <br />a full an equal share of any gain from the development of the lands <br />and premises described in Exhibit A, acquired by the Buyer pursuant <br />.~o ,the provisions of this Agreement. <br /> <br />(c): Upon the request of the Sellers any portion of the purchase price <br />may be paid or satisfied by the use of Section 1031 Tax Deferred <br />Exchanges, providing that the Sellers notify the Buyer in writing <br />of the property which .is to be the subj ect of such exchange and <br /> <br />-1- <br />